Christie & Co has become one of the first leisure agencies to cut jobs across its UK business.
The firm, which operates in the hotel, pubs and care home sectors, this week admitted that it had served redundancy notices on 15 staff members out of 350 across its 17 national offices.
The group said there had also been “some natural wastage as the company seeks to trim back its costs”.
The cuts have led to the disbanding of Christie & Co Corporate Finance – a business set up by the agent just a year ago to capitalise on the increase in M&A activity.
The four-strong team, led by managing director Mark Stevens, have all been let go.
A spokeswoman said: “Corporate Finance was set up to take advantage of the market conditions but in light of the changing climate, it has now been decided to wind it down.”
She added that a corporate finance service would still be provided, however.
Shares in Christie’s parent Christie Group – which also owns stocktaker Orridge and retail software company VCS Timeless – have slumped in the past 10 months, down from £2.06 last September to 66.5p on Thursday (24 July).
* King Sturge has made four redundancies at its offices in Manchester and Liverpool, including senior surveyor Lisa Riley.
Managing director Mark Stupples said: “[Cuts] have been necessary in response to market conditions. Trading conditions remain under careful scrutiny and cost-saving measures have been implemented.”
